Confluence Wealth Services Inc. Sells 1,685 Shares of Bank of America Co. (NYSE:BAC)

Confluence Wealth Services Inc. trimmed its position in shares of Bank of America Co. (NYSE:BAC) by 8.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 19,314 shares of the financial services provider’s stock after selling 1,685 shares during the quarter. Confluence Wealth Services Inc.’s holdings in Bank of America were worth $896,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Accent Capital Management LLC grew its holdings in Bank of America by 43.0% in the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after purchasing an additional 11,873 shares during the period. Summit Global Investments grew its holdings in shares of Bank of America by 237.6% during the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after buying an additional 36,089 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Bank of America by 1.2% during the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after acquiring an additional 1,700,141 shares in the last quarter. Clarendon Private LLC purchased a new position in Bank of America in the 4th quarter worth approximately $798,000. Finally, Baker Avenue Asset Management LP lifted its position in Bank of America by 125.8% in the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after acquiring an additional 33,983 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

NYSE BAC opened at $47.11 on Thursday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12 month low of $32.35 and a 12 month high of $48.08. The stock has a market cap of $361.45 billion, a price-to-earnings ratio of 14.63, a PEG ratio of 1.26 and a beta of 1.33. The company’s 50 day moving average is $45.79 and its two-hundred day moving average is $42.82.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company’s revenue was up 15.0% on a year-over-year basis. During the same period last year, the firm earned $0.70 EPS. As a group, research analysts anticipate that Bank of America Co. will post 3.67 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio is currently 32.30%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on BAC shares. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a research note on Friday, October 18th. Truist Financial boosted their target price on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Finally, StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.